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New Biden rule allows socially conscious investing by retirement plans

By Daniel Wiessner (Reuters) - President Joe Biden's administration on Tuesday reversed restrictions imposed under his predecessor Donald Trump on retirement plans considering...
New Biden rule allows socially conscious investing by retirement plans © Reuters. FILE PHOTO: U.S. President Joe Biden speaks during the annual ceremony to pardon Chocolate and Chip, the National Thanksgiving Turkeys, on the South Lawn of the White House in Washington, U.S., November 21, 2022. REUTERS/Evelyn Hockstein/File Photo

By Daniel Wiessner

(Reuters) - President Joe Biden's administration on Tuesday reversed restrictions imposed under his predecessor Donald Trump on retirement plans considering environmental, social and governance (ESG) factors such as climate change and racial justice when selecting investments.

The Labor Department announced a final rule first proposed last year after Biden, a Democrat, ordered government agencies to assess climate-related risk to retirement and pension investments.

The rule will make it easier for retirement plans to invest in socially responsible funds and companies, though it requires investment decisions to be based on traditional financial factors. The rule, which the department said covers plans that collectively invest $12 trillion, takes effect 60 days after it is formally published, which could be as soon as this week.

Biden's administration rescinded regulations adopted in 2020 under Trump, a Republican, that allowed retirement plans to consider only financial factors and not social responsibility in making investment decisions and exercising shareholder rights.

The Labor Department said the Trump-era rules, which had been criticized by business groups and the financial industry, failed to account for the positive impact that ESG considerations can have on long-term investment returns.

The new rule also allows plan fiduciaries to consider ESG factors when proxy voting on behalf of shareholders.

Lisa Gomez, who heads the Labor Department office that issued the rule, said in a statement that the new policy would remove needless barriers to investing based on ESG principles and end "the chilling effect created by the prior administration."

The rule also makes clear that plans are not required to consider any specific factors in selecting investments, clearing up confusion created by last year's proposal, according to Andy Banducci, senior vice president at the ERISA Industry Committee, which represents employee benefit plans.

Some Republican lawmakers on Thursday defended the Trump-era policy, saying it was necessary in order to discourage retirement plans from putting social and political objectives ahead of financial returns.

"The Biden administration's new rule jeopardizes the financial security of many retirement savers, especially workers and retirees who may be put into ESG investments by default," Republicans members of the House of Representatives labor committee said in a statement.

Companies have faced increasing pressure from shareholders to address ESG issues that could pose threats to their stock value, such as carbon emissions and workplace diversity.

Funds adhering to ESG principles oversee an estimated $6.5 trillion in assets, though they have experienced an unprecedented drop in investments this year amid the market downturn.

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28-11-2022 09:05:50 (UTC+7)

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EUR/USD

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Adidas AG

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Deutsche Lufthansa AG

7.567

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Siemens AG Class N

132.06

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 EUR/USD1.0344Neutral
 GBP/USD1.2029↑ Sell
 USD/JPY138.70Sell
 AUD/USD0.6668↑ Sell
 USD/CAD1.3467↑ Buy
 EUR/JPY143.46↑ Sell
 EUR/CHF0.9799Neutral
 Gold1,746.40↑ Sell
 Silver21.102↑ Sell
 Copper3.5535↑ Sell
 Crude Oil WTI74.38Neutral
 Brent Oil81.72Buy
 Natural Gas7.278↑ Buy
 US Coffee C164.40↑ Sell
 Euro Stoxx 503,962.41↑ Buy
 S&P 5004,026.12Neutral
 DAX14,541.38↑ Buy
 FTSE 1007,486.67↑ Buy
 Hang Seng16,968.00Buy
 Small Cap 20001,869.19↑ Buy
 IBEX 358,416.60Sell
 BASF49.605Neutral
 Bayer55.45Sell
 Allianz205.35↑ Buy
 Adidas123.98Neutral
 Lufthansa7.567↑ Sell
 Siemens AG132.06↑ Buy
 Deutsche Bank AG10.390↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,660/ 6,730
(6,660/ 6,730) # 1,502
SJC HCM6,660/ 6,740
(0/ -20) # 1,514
SJC Hanoi6,660/ 6,742
(0/ -20) # 1,516
SJC Danang6,660/ 6,742
(0/ -20) # 1,516
SJC Nhatrang6,660/ 6,742
(0/ -20) # 1,516
SJC Cantho6,660/ 6,742
(0/ -20) # 1,516
Cập nhật 28-11-2022 09:05:52
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Cập nhật lúc 08:12:25 28/11/2022
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